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Figures from the previous quarter show that capital gains for real estate buyers in WRIGHT are low, as opposed to average gains per annum over the past five years.
This number can mean, real estate investors could earn a rental income of $780 based on current median home prices for the suburb.
On average, rents on listings have reached the $780 mark, reflecting a 4.77% increase in returns based on the current median price in WRIGHT.
WRIGHT, 2611 ranks 83rd in ACT in terms of median property value increase and capital gains, based on year-to-date figures.
While it ranks 7th on the list of best yielding suburbs for rental properties in ACT, posting a 4.77% return.
Wright is a suburb in the Molonglo Valley district of the ACT. It was gazetted in 2010 and named in honour of Australian poet and advocate of Aboriginal land rights, Judith Wright.
The suburb's street name themes are environment, poets and butterflies; some streets, for instance, have been named after Australian scientists and environmentalists, such as Steve Irwin and Peter Cullen, and well-respected Canberra local and librarian, Harold White. Development for Wright is still underway, with the first house in the suburb erected in 2011. The suburb has since recorded over a thousand private dwellings, based on the latest census data.
Wright has seen tremendous growth since its founding; its residents are a mix of interstate buyers and migrants from other countries. Some of its residents are from India, England, China, the Philippines and Sri Lanka.
Wright is considered as an anomaly in terms of type of dwelling structures across Canberra. Nearly half of the residential properties in Wright are apartments or flats, with separate homes placing second in choice. Townhomes, row and terraced houses come in third. Most of the properties commonly have two bedrooms, in contrast with other suburbs where three-bedroom homes are more popular.
Median home prices in the suburb have climbed by 36.68 per cent in the past three years alone, settling at an estimated $820,000. Prices of units are also on an upward trend, reflecting an increase of nearly 5 per cent during the same period. Some of the houses and units on listings are being offered off-the-plan.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||-1.73%||2.22%|
|Median 3 years||8.56%||4.15%|
|Median 5 years||70.02%||10.96%|
|10 years average annual||7.69%||-0.71%|
|Weekly media advert. rent||$780||$480|
|Time on Market||110.8 days||75.8 days|
|Gross Rental Yield Percent||4.77%||6.01%|